IPO and Fundraising - The company completed its IPO on October 15, 2024, raising gross proceeds of $50 million from the sale of 5,000,000 units at an offering price of $10.00 per unit[36]. - An additional $7.5 million was generated from the full exercise of the over-allotment option, bringing total proceeds to $57.5 million[36]. - The private placement with Aurora Beacon LLC generated total proceeds of $2,543,750 from the sale of 254,375 private units[37]. - A total of $57,787,500 from the IPO and private placement proceeds was deposited in a trust account for public shareholders, with specific conditions for fund release[38]. - The trust account initially holds $58,287,500, which includes approximately $1,868,750 for deferred underwriting discounts[152]. - The company intends to use the funds held outside the Trust Account primarily for identifying and evaluating target businesses and related expenses[193]. Business Combination and Acquisition Strategy - The merger agreement involves the acquisition of HZJL, with HZJL's shareholders receiving 35 million ordinary shares of Xpand Boom Technology, plus potential earn-out consideration of up to 20 million shares based on revenue targets[62]. - The transaction is subject to regulatory approvals and shareholder approvals, with a requirement for a registration statement to be declared effective by the SEC[63]. - The initial business combination must involve target businesses with a fair market value of at least 80% of the trust account balance[112]. - The company intends to acquire 100% of the equity interest or assets of the target business, ensuring majority control[113]. - The target size for acquisitions is intended to be between $500 million and $2 billion, focusing on companies with significant revenue growth[98]. - The strategy includes targeting businesses in high-growth sectors such as green and sustainable businesses, new energy, and artificial intelligence applications[99]. - The management team aims to create shareholder value by guiding emerging high-growth companies towards commercialization[106]. - The company intends to pursue targets in green and sustainable business, new energy, and cutting-edge technologies, focusing on small cap companies in North America, Europe, and the Asia Pacific regions[86]. Regulatory Risks and Compliance - The company will not pursue business combinations with entities operating through variable interest entities (VIEs), which may restrict acquisition opportunities in China[42]. - The company may face significant regulatory risks from the PRC government that could impact its ability to conduct business combinations or operations in China[45]. - The company is subject to the Trial Administrative Measures by the CSRC, which could impose additional compliance requirements for overseas listings[50]. - The PRC government has implemented new regulatory measures that could significantly impact business operations for companies with a majority of operations in China, including potential material changes in operations and depreciation of share value[77]. - Recent regulatory actions by the PRC government include increased scrutiny on foreign investments and cybersecurity reviews, which may adversely affect the ability to conduct business combinations with PRC entities[78]. - The PRC government controls the conversion of Renminbi (RMB) into foreign currencies, which may restrict the ability of PRC subsidiaries to remit sufficient foreign currency for dividend payments[91]. - If classified as a PRC tax resident enterprise, dividends paid to overseas shareholders may be subject to a withholding tax of up to 10.0%[92]. Financial Performance and Projections - The company reported a net income of $1,573,962 for the year ended December 31, 2025, primarily from interest income of $2,389,246[188]. - The company has not generated any operating revenue to date and will not do so until after completing its initial business combination[187]. - As of December 31, 2025, the company had cash of $37,174 and a working capital deficit of $382,105[155]. - Management has determined substantial doubt about the company's ability to continue as a going concern through January 15, 2026, if an initial business combination is not completed[196]. - The company has no long-term debt, capital lease obligations, or operating lease obligations as of December 31, 2025[198]. Shareholder Rights and Redemption - Public shareholders will have the opportunity to redeem shares at a per-share price initially anticipated to be $10.05[132]. - Redemption rights will be limited to 20% of the shares sold in the IPO for any public shareholder acting in concert with others[134]. - Initial shareholders and officers will not have redemption rights for any ordinary shares owned by them[135]. - Shareholders may withdraw redemption requests at any time up to the vote on the proposed business combination[139]. - If the initial business combination is not approved, public shareholders who elected to redeem their shares will not be entitled to the pro rata share of the trust account[140]. - A total of 5,668,070 ordinary shares were tendered for redemption in connection with the EGM held on November 20, 2025[142]. - As of December 31, 2025, 1,548,345 shares were redeemed at approximately $10.55 per share, totaling $16,331,209[186]. Management and Governance - The management team has extensive experience in public companies and financial management, which is expected to aid in identifying suitable acquisition targets[69][70]. - The management team is well positioned to capitalize on acquisition opportunities in emerging markets driven by innovative technologies or novel business models[228]. - The audit committee is composed of three independent members, ensuring compliance with NASDAQ listing standards and SEC rules[230]. - Chengming Dou qualifies as an "audit committee financial expert" as defined by SEC rules, enhancing the committee's oversight capabilities[231]. - The audit committee is responsible for pre-approving all audit and non-audit services provided by independent registered public accounting firms[232]. - The nominating committee oversees the selection of board nominees, ensuring candidates have notable achievements and high ethical standards[233]. - The company has established clear hiring policies for employees of independent registered public accounting firms to maintain auditor independence[232].

Full Year 2025 Financial Highlights Virgin Galactic Announces Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update ORANGE COUNTY, CALIFORNIA. – March 30, 2026 – Virgin Galactic Holdings, Inc. (NYSE: SPCE) ("Virgin Galactic" or the "Company") today announced its financial results for the fourth quarter and full year ended December 31, 2025 and provided a business update. CEO Michael Colglazier said, "We completed pivotal milestones during the first quarter of 2026, and with assemb ...

Revenue and Profitability - Revenues for the year ended December 31, 2025, were $124,157, a 499% increase from $20,729 in 2024, primarily driven by AI Nose related programs [226] - Gross profit for 2025 was $102,911, compared to a gross loss of $(31,866) in 2024, reflecting the positive impact of the product mix change [230] - The operating loss for 2025 was $13,990,408, a slight increase from $13,841,204 in 2024, as the company continued to invest in growth strategies [236] - Net loss for 2025 was $14,771,012, a 1% decrease from $14,863,161 in 2024, due to reduced co-research and D&O insurance expenses [238] - The Company generated a net loss of $14,771,012 for the year ended December 31, 2025 [263] Costs and Expenses - The cost of revenues decreased to $21,246 in 2025 from $52,595 in 2024, attributed to a change in product mix [228] - Research and development (R&D) expenses were $7,749,772 in 2025, a decrease of 8% from $8,413,923 in 2024, due to reduced staffing expenditures [232] - Selling, general and administrative (SG&A) expenses increased by 18% to $6,343,547 in 2025 from $5,395,415 in 2024, driven by higher staffing and public relations costs [234] Cash Flow and Financing - As of December 31, 2025, the company had cash and cash equivalents of $417,353, down from $3,892,919 in 2024 [239] - Net cash used in operating activities decreased by 21% to $4,614,697 in 2025 from $5,808,267 in 2024, reflecting improved cash inflow from operating assets [240] - Cash received from financing activities decreased by $7,017,285, from $8,025,746 in 2024 to $1,008,461 in 2025 [243] - The Company repaid $1,000,000 to retire the Lee Note transaction in April 2025 and received $2,008,721 in proceeds from ATM transactions in 2025 [247] - The Company anticipates funding operations over the next twelve months through cash reserves, business revenues, and potential debt financing [248] - The Company entered into an At The Market Offering Agreement on May 31, 2024, with an aggregate offering price of $1,840,350 [249] - The Company sold an aggregate of 734,214 shares under the ATM facility, receiving $2,008,721 in net proceeds after deducting commissions and expenses [258] Future Outlook and Strategic Plans - The Company secured an initial commercial order of approximately $2.1 million for 1,400 AI Nose systems in semiconductor manufacturing, marking a significant step in commercialization [211] - The Company expects to allocate liquidity primarily toward advancing the AI Nose platform and supporting industrial deployments [260] - The Company may require significant cash to fund working capital and capital expenditures as it grows its commercial infrastructure [261] Asset Management - As of December 31, 2025, the Company had cash and cash equivalents of $417,353 and an accumulated deficit of $67,520,328 [262] - The Company performed an impairment testing for intangible assets related to VOC POCT products, concluding no impairment loss was recorded [270]

Financial Performance - Lexeo Therapeutics reported a net loss of $20.9 million or $0.27 per share for Q4 2025, compared to a net loss of $25.9 million or $0.78 per share for Q4 2024[11] - Total cash, cash equivalents, and investments were $246.6 million as of December 31, 2025, expected to fund operations into 2028[12] - Research and Development expenses decreased to $16.2 million for Q4 2025 from $18.4 million in Q4 2024, and for the full year, they were $63.8 million compared to $74.1 million in 2024[11] - General and Administrative expenses for Q4 2025 were $6.9 million, down from $9.0 million in Q4 2024, while for the full year, they increased to $45.5 million from $31.7 million in 2024[11] Clinical Development - The company initiated the submission of the final registrational trial design and statistical analysis plan for the SUNRISE-FA 2 pivotal study to the FDA in February 2026[3] - Interim clinical data for LX2006 showed improvements in cardiac structure and functional outcomes, including reduced left ventricular mass index (LVMI)[3] - Anticipated milestones for 2026 include FDA feedback on protocol submission expected in Q2 and initiation of the SUNRISE-FA 2 pivotal trial in the first half of 2026[8] Strategic Collaborations and Financing - Lexeo established a research collaboration with Johnson & Johnson to explore targeted cardiac delivery of AAV gene therapy[8] - The company executed a $154 million equity financing in October 2025 to advance its cardiac pipeline and support registrational readiness activities for LX2006[8] Leadership Changes - The leadership team was strengthened with the appointment of a new Chief Medical Officer, enhancing expertise in cardiovascular medicine[8]

Revenue Performance - Fathom Holdings reported total revenue of $420 million for 2025, reflecting a 25% year-over-year growth, driven by a 15% increase in total transactions[2]. - For Q4 2025, total revenue decreased by 1.2% to $90.6 million, down from $91.7 million in Q4 2024, primarily due to a decline in real estate transactions[5][7]. - Brokerage revenue for Q4 2025 was $84.9 million, a decrease of 3.2% compared to $87.7 million in Q4 2024[5][8]. - Mortgage revenue surged by 70% to $3.4 million in Q4 2025, up from $2.0 million in Q4 2024[5][8]. - Title revenue increased by 38.5% to $1.8 million in Q4 2025, compared to $1.3 million in Q4 2024[5][8]. - Revenue for the year ended December 31, 2025, was $420,477 million, a significant increase from $335,184 million in 2024, representing a growth of 25.4%[25]. Net Loss and Adjusted EBITDA - Fathom's net loss for Q4 2025 was $6.7 million, or $0.21 per share, compared to a net loss of $6.2 million, or $0.29 per share, in Q4 2024[9]. - Adjusted EBITDA for Q4 2025 was negative $2.6 million, an improvement from negative $2.9 million in Q4 2024, due to reduced operating expenses[10]. - Net loss for the year ended December 31, 2025, was $20,307 million, slightly improved from a net loss of $21,577 million in 2024[27]. - Adjusted EBITDA for the year ended December 31, 2025, was $(4,001) million, compared to $(5,710) million in 2024, indicating a reduction in operational losses[29]. Cash Flow and Financial Position - Cash used in operating activities for the year ended December 31, 2025, was $(20,536) million, compared to $(4,688) million in 2024, reflecting increased cash outflows[27]. - Cash and cash equivalents at the end of the period were $5,917 million, down from $7,390 million at the beginning of the period[27]. - The company reported a loss before income tax of $(20,222) million for the year ended December 31, 2025, compared to $(22,599) million in 2024[29]. - The company incurred $3,704 million in stock-based compensation for the year ended December 31, 2025, down from $8,839 million in 2024[29]. - The company’s principal payments on debt for the year ended December 31, 2025, were $(4,570) million, compared to $(602) million in 2024, indicating increased debt repayment[27]. Real Estate Transactions and Strategic Initiatives - For the full year 2025, real estate transactions increased by approximately 14.6% to 42,405, largely due to the acquisition of My Home Group in November 2024[11]. - Fathom Holdings announced strategic partnerships with ByOwner and Move Concierge to enhance service offerings and customer experience[12]. - The company plans to withhold guidance for Q1 2026, with intentions to release 2026 guidance in the second quarter earnings release[16]. Shareholder Information - The weighted average common shares outstanding for the year ended December 31, 2025, were 28,196,335, an increase from 20,244,255 in 2024[25]. - The company reported a loss (gain) on the sale of business of $922 million for the year ended December 31, 2025, compared to a gain of $(2,958) million in 2024[29].

Clinical Development and Trials - Annexon is advancing two late-stage registrational programs: tanruprubart for Guillain-Barré Syndrome (GBS) and vonaprument for geographic atrophy (GA) in dry AMD, targeting significant unmet medical needs[23]. - Tanruprubart has shown that approximately 90% of GBS patients treated improved by week 1, with more than twice as many achieving a normal state of health by week 26 in a Phase 3 trial[24]. - Vonaprument demonstrated a more than 70% reduction in the risk of 15-letter vision loss in the Phase 2 ARCHER trial, addressing the needs of over 8 million patients with GA[27]. - The ongoing Phase 3 ARCHER II trial for vonaprument has enrolled 659 patients, with topline data expected in Q4 2026[28]. - The Phase 1b trial of tanruprubart involved 50 GBS patients, demonstrating that the drug was well tolerated with no serious adverse events reported[59]. - The clinical development of tanruprubart has generated a robust data package, including a successful Phase 3 trial showing faster and more complete functional recovery versus placebo[56]. - The ongoing FORWARD study aims to support a broad label for tanruprubart in GBS, with initial data expected in 2026[76]. - A Phase 2 trial of tanruprubart in Huntington's Disease (HD) showed stabilization of disease progression over nine months, with 28 patients enrolled and safety data from all participants[101]. - In the ALS Phase 2a trial, 13 patients were treated for 12 weeks, showing rapid target engagement and better outcomes for those with higher baseline complement activation[102]. - ANX009, evaluated in a Phase 1b trial for Lupus Nephritis (LN), was well tolerated with sustained C1q inhibition, supporting its potential for chronic dosing[103][105]. Drug Designation and Regulatory Approvals - Tanruprubart has received orphan drug designation from both the FDA and EMA, and a Marketing Authorization Application was filed with the EMA in January 2026[25]. - An MAA for tanruprubart was filed with the EMA in January 2026, and it has received orphan designation from the EMA and Fast Track designation from the FDA[77]. - Orphan Drug designation is granted for drugs intended to treat rare diseases, defined as having a patient population of fewer than 200,000 individuals in the U.S.[155]. - A product with Orphan Drug designation is entitled to seven years of exclusivity upon receiving the first FDA approval for the designated disease[156]. - The FDA may grant priority review designation, which sets a target date for action on a BLA or NDA at six months after acceptance of the application[150]. - The FDA may approve a BLA or NDA with a Risk Evaluation and Mitigation Strategy (REMS) to manage known or potential serious risks associated with a medicine[149]. - The FDA requires substantial time and financial resources for the approval process of new drugs, including compliance with various regulations[134]. - The company must navigate the regulatory landscape, including submitting Investigational New Drug (IND) applications and obtaining approvals for clinical trials[139]. Financial Performance and Projections - The company reported a net loss of approximately $206.7 million for the year ended December 31, 2025, compared to a net loss of $138.2 million for 2024, resulting in an accumulated deficit of $917.4 million as of December 31, 2025[186]. - The company has incurred significant losses since its inception in March 2011, with no products approved for commercial sale and no revenue generated from product candidates[185]. - As of December 31, 2025, the company had capital resources of approximately $238.3 million, expected to fund planned operating expenses into the second half of 2027[188]. - The company anticipates continuing to incur significant losses for the foreseeable future as it develops product candidates and conducts clinical trials[186]. - The company has primarily financed operations through equity securities, with a current offering program allowing for up to $150 million in common stock sales[192]. Research and Development Focus - The company aims to leverage its C1q inhibition platform to develop disease-modifying medicines for neuroinflammatory diseases, enhancing efficacy and safety[40]. - The strategic focus includes expanding the targeted immunotherapy platform and exploring licensing agreements to accelerate development and commercialization[41]. - Annexon has established a strong scientific and clinical rationale for its pipeline, addressing significant unmet medical needs in neuroinflammatory diseases[35]. - Significant resources are required for product development, leading to prioritization among candidates, particularly focusing on tanruprubart in GBS and vonaprument in GA[193]. Market and Competitive Landscape - The company faces intense competition from various sources, including pharmaceutical and biotechnology companies, which may have greater financial resources and established market presence[130]. - There are currently no approved therapies for Guillain-Barré Syndrome (GBS) in the United States, with investigational products in development by other companies[131]. - Two treatments for Geographic Atrophy (GA) received FDA approval in 2023, while there are ongoing clinical trials for additional therapies targeting GA[132]. - Sanofi's Enjaymo was approved for Cold Agglutinin Disease (CAD) in February 2022, and there are ongoing clinical trials for other investigational agents[133]. Operational Challenges - The company currently relies on third-party contract manufacturers for the production of its drug candidates, as it does not own or operate manufacturing facilities[125]. - The company is in discussions with current manufacturers regarding the preparation of a Biologics License Application (BLA) in the near future, with a Marketing Authorization Application (MAA) filed in January 2026[127]. - The company plans to establish long-term supply agreements to ensure continuity in its supply chain and is considering alternative larger scale suppliers for certain portions of its supply chain[128]. - The company faces delays in enrolling patients in clinical trials, which may impact the integrity of subject data and clinical study endpoints[207]. - Increased rates of patient withdrawals from clinical trials due to health conditions have been observed, affecting overall trial outcomes[207]. - The company anticipates potential disruptions in clinical trial operations due to regulatory agency interruptions and supply chain issues[208]. Intellectual Property and Licensing - The patent portfolio includes 19 different patent families filed worldwide, with key patents covering methods of treating neurodegeneration and related conditions[110]. - The company is obligated to pay Stanford up to $675,000 in milestone payments under the exclusive licensing agreement, along with royalties on worldwide net sales[115]. - The company may face challenges in obtaining and maintaining intellectual property rights, which could materially impact its business[121]. Future Risks and Uncertainties - The company faces risks related to the successful development and regulatory approval of product candidates, which are currently in early clinical stages[200]. - Public health crises, such as the COVID-19 pandemic, have previously disrupted clinical trials and may continue to adversely affect business operations[205]. - The variability in quarterly and annual results makes future performance difficult to predict, potentially leading to stock price declines if expectations are not met[199]. - The company may need to relinquish rights to technologies or product candidates through collaborations if additional funds are sought[192]. - The company must comply with varying regulatory requirements across jurisdictions, which could complicate the approval process[215]. - There is a risk that product candidates may not be accepted as safe and effective by the medical community or third-party payors, affecting marketability[212].

Financial Performance - Ainos reported a revenue increase of approximately 499% year-over-year for 2025, reaching $124,157, compared to $20,729 in 2024[3][16] - The gross margin improved significantly to approximately 82.9% in 2025, up from a gross loss in 2024[3] - The company reported a net loss of $14,771,012 for 2025, compared to a net loss of $14,863,161 in 2024[16] - Total assets decreased to $20,871,108 in 2025 from $28,820,199 in 2024, while total liabilities remained relatively stable at $13,308,526[14] Operating Expenses - Total operating expenses, excluding share-based compensation, depreciation, and amortization, decreased by 9% year-over-year, while reported operating expenses increased by about 2%[3] Financing and Liquidity - Ainos secured a financing of New Taiwan Dollar 90 million (approximately USD $2,820,000) to enhance liquidity for ongoing operations and deployment execution[4] Deployment Plans - Ainos is targeting the deployment of approximately 200 AI Nose systems in front-end wafer fabrication facilities for technical validation in Q1 2026[7] - A three-year deployment plan includes approximately 1,400 AI Nose systems in semiconductor packaging and testing environments, with a budget of $2.1 million, expected to complete by Q2 2026[7] - Ainos aims to scale up to 20,000 systems in the semiconductor sector, subject to validation and contractual conversion[7] Technology Integration - The AI Nose platform integrates high-precision MEMS sensor arrays with proprietary AI algorithms for ppb-level scent detection sensitivity[8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) | Cayman Islands | 98-181002 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | 333 Seymour Street, Vancouver, BC Canada V6B 5A6 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...

Corporate Governance - The audit committee is composed of financially literate members, with Mr. Kestenbaum qualifying as an "audit committee financial expert" as per SEC rules[118]. - The compensation committee is chaired by Curtis T. Keith and includes independent members, ensuring compliance with Nasdaq listing standards[119]. - The corporate governance and nominating committee is entirely composed of independent directors, with E. Premkumar Reddy as a member and Matthew A. Kestenbaum as chairperson[121]. - The corporate governance and nominating committee evaluates the CEO's performance and recommends compensation based on established corporate goals[122]. - The company has adopted a code of ethics applicable to all directors, officers, and employees, which is available on its website[125]. - An insider trading policy has been established to govern the purchase and sale of securities by directors, officers, and employees[126]. - The company has a duty to act in good faith and exercise independent judgment, as outlined under Cayman Islands law[132]. - The company has purchased directors' and officers' liability insurance to cover defense costs and indemnification obligations[139]. Business Combinations - Initial shareholders have agreed to waive their redemption rights concerning founder shares and public shares in connection with the initial business combination[137]. - The company may pursue business combinations with entities affiliated with its officers and directors, provided an independent opinion is obtained to ensure fairness[135]. - Officers and directors have waived any claims to funds in the trust account, which may affect shareholder investments if indemnification costs arise[140]. - Employment or consulting agreements may create conflicts of interest for officers and directors in evaluating business combinations[141]. - Indemnification agreements are deemed necessary to attract and retain experienced officers and directors, though may be unenforceable under SEC regulations[142]. Compliance and Reporting - Compliance with Section 16(a) of the Exchange Act requires timely filing of ownership reports by executive officers, directors, and beneficial owners[143]. - The company believes all filing requirements for executive officers and directors were met in a timely manner[144]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[92].

Audit and Compliance - The audit committee is composed of financially literate members, with Mr. Kestenbaum qualifying as an "audit committee financial expert" as per SEC rules[118]. - The company has established clear hiring policies for employees of independent auditors to maintain independence[118]. - Compliance with Section 16(a) of the Exchange Act requires timely filing of ownership reports by executive officers, directors, and beneficial owners[143]. - The company believes all filing requirements for executive officers and directors were met in a timely manner[144]. Compensation and Governance - The compensation committee is chaired by Curtis T. Keith and includes independent members, ensuring compliance with Nasdaq listing standards[119]. - The corporate governance and nominating committee is entirely composed of independent directors, with E. Premkumar Reddy as a member and Matthew A. Kestenbaum as chairperson[121]. - The corporate governance and nominating committee evaluates the CEO's performance and recommends compensation based on established corporate goals[122]. - The compensation committee may retain external advisers while ensuring their independence in accordance with Nasdaq and SEC requirements[120]. Ethics and Policies - The company has adopted a code of ethics applicable to all directors, officers, and employees, which is available on its website[125]. - An insider trading policy has been established to govern the purchase and sale of securities by directors, officers, and employees[126]. - The company has a policy for indemnification of officers and directors to the maximum extent permitted by law, excluding cases of fraud or willful neglect[138]. - A policy of directors' and officers' liability insurance has been purchased to cover defense costs and indemnification obligations[139]. - Officers and directors have waived any claims to funds in the trust account, which may affect shareholder investments if indemnification costs arise[140]. - Employment or consulting agreements may create conflicts of interest for officers and directors in evaluating business combinations[141]. - Indemnification agreements are deemed necessary to attract and retain experienced officers and directors, though may be unenforceable under SEC regulations[142]. Company Classification - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[92].